|
Circular No. |
Date |
Subject |
Brief |
Ref. No. / Volume No. |
|
L/IDR/1/2006/3/4 |
03/04/2006 |
Introduction of new Chapter VI-A in the SEBI (DIP)
Guidelines,2000 |
Under rule 9 of IDR rules, the IDRs issued under this
rule shall be listed on the recognized Stock Exchanges (s) in India.
For such issues SEBI has drafted new format of Listing Agreement in
conjunction with the IDR Rule 2004 & Chapter VIA of the SEBI
guidelines, 2000 |
Sec. 11(1) & 11(A) of SEBI Act, 1922. |
|
IMD/CIR NO.1/64057/06 |
04/04/2006 |
Rationalisation of Initial Issue Expenses and
Dividend distribution procedure for Mutual Funds |
In order to rationalize the initial issue expenses &
dividend distribution procedure for Mutual Fund, the Initial Issue
Expenses are permitted to for Closed – ended scheme only & Dividend
Distribution Procedure for unlisted scheme, liquid scheme, listed
scheme, advertisement etc. |
Sec. 11(1) of SEBI
Act, 1922.
Regulation 77 of SEBI Mutual Fund, 1996.
|
|
IMD/FII/20/2006 |
05/04/2006 |
FII investments in Debt Securities |
The Government of
India & RBI clarified that FII investment shall be restricted to
only listed debt securities of companies. The FIIs subscription to
commercial papers would be within the ceiling of US$ 1.5 billion
fixed for debt instrument.
The revised individual limit for investment in
Government Securities & limit for Corporate debt will be advised to
the 100% debt FIIs/ Sub-Accounts separately.
|
IMD/FII/19/2005
IMD/FII/16/2004
|
|
IMD/CIR NO.2/65348/06 |
21/04/2006 |
Introduction of Gold Exchange Traded Funds in India |
The trustees
reserve the right to change the source for determining the exchange
rate. The AMC shall record in writing the reasons for change in the
source for determines the exchange rate.
In case of
recurring exp. For a GETF, the limits applicable to equity scheme as
specified in regulation 52(6) shall be applicable.
As there are no
indices catering to the Gold sector / Securities linked to gold,
Currently GETF shall be bench marked against the price of Gold.
|
Sec. 11(1) of SEBI
Act, 1922.
|
|
IMD/CIR NO.3/65370/06 |
21/04/2006 |
Dividend Distribution Procedures for Mutual Funds |
This Circular has issued guidelines on captioned
subject. It is clarified that the guidelines on dividend
distribution procedure are applicable to all Mutual Fund Scheme/
Plans. |
Sec.11(1) of SEBI
Act, 1922.
Regulation 77 of SEBI Mutual Fund,1996.
|
|
MRD/DOP/SE/CIR-6/2006 |
16/06/2006 |
Gazette
notification no. S.O. 783(E) dated May 22, 2006 pertaining to SEBI
(Mutual Funds) (Second Amendment) Regulations 2006
Margining in Cash Market.
|
It has been decided that the risk arrays should be
updated intra-day in the cash market as has been done in the
derivative market. The applicable VaR margin rates shall be updated
at least 5 times in a day |
Sec.11(1) of SEBI
Act, 1922.
Circular 07/2005 of SEBI Act.1922
|
|
IMD/CIR NO.1/70353/06 |
28/06/2006 |
Circular for
Portfolio Managers
Circular to all Portfolio Managers registered with SEBI
|
There is modification in clause which followed by
Portfolio Manager in deployment of client A/c. Earlier the Portfolio
Manager’s decision was final & can not be called in question but now
it can be on the ground of mala fide, fraud, conflict of interest or
gross negligence. |
Sec.11(1) of SEBI Act, 1922. |
|
IMD/CIR NO.5/70559/06 |
30/06/2006 |
Undertaking from trustees for new scheme offer
document |
With certification of AMC, the trustees shall also
certify that “ the trustees have ensured that the (name of the
scheme/ fund) approved by them is a new product offered by (name of
the MF) and is not a minor modification of the existing scheme/
fund/ product while filing a new scheme offer document. |
Sec.11(1) of SEBI
Act, 1922.
Regulation 77 of SEBI Mutual Fund,1996.
|
|
MRD/DOP/SE/CIR-8/2006 |
13/07/2006 |
Mandatory
requirement of Permanent Account Number (PAN) for transactions in
the cash market
SEBI (Foreign Institutional Investors) (Amendment) Regulations 2006
|
For KYC norms in the Cash Market, with a view to
facilitate sound audit trail, it has been decided that PAN will be
mandatory for all the entities/ person who are desirous of
transacting in the cash market. |
Sec.11(1) of SEBI Act, 1922. |
|
IMD/CIR NO.6/72245/06 |
20/07/2006 |
Revised Monthly Cumulative Report (MCR) and Annual
Statistical Report (ASR) |
Modification in
format of Monthly Cumulative Report [MCR] & Annual Statistical
Report [ASR].
The details of new scheme launched shall be reported
in the MCR.
|
IMD/CIR
No.3/2564/04 dated Feb 5, 04.
MFD/CIR
No.2/110/02 dated April 26, 2002.
|
|
MRD/DOP/DEP/CIR-09/06 |
20/07/2006 |
Mandatory
requirement of Permanent Account Number (PAN) - Issues and
clarifications |
This Circular
covered the following aspects.
Exemption to
certain categories of entities registered with SEBI & verification
of documents for proof of address. Exemption to NRI & PIO. Exemption
to a person having PAN but not PAN Card. Exemption to UN entities &
multilateral agencies which are exempted from paying taxes/ filing
tax return in India.
Exemption to investor residing in the state of Sikkim.
Varification of PAN Card details in case of HUF, AOP, Partnership
firm, minor etc. |
NSDL/POLICY/2006-07 dated May 3, 2006 & CDSL/OPS/DP/657
& CDSL/OPS/DP/666 dated Feb 7, 2006 & Mar 8, 2006 respectively.
|
|
IMD/CIR NO.7/73202/06 |
02/08/2006
|
Investment in
ADRs/GDRs/Foreign Securities and overseas ETFs by Mutual Funds
|
This Circular deals with conditions for investment in
ADRs/ GDRs/ Foreign Securities, Overseas Exchange Traded Funds. |
MFD/CIR
No.4/052/99 dt. 1st Sept. 99
MFD/CIR
No.5/062/99 dt. 30th Sept. 99
MFD/CIR
No17/419/02 dt. 30th March, 02
MFD/CIR
No.18/21826/02 dt.
7th Nov. 02
MFD/CIR
No.02/6855/03 dt. 4th April, 03
MFD/CIR
No.07/5573/04 dt. 19th March, 04
IMD/CIR NO.3/50241/05 dt.26th Sept. 05 |
|
IMD/CIR NO.8/73580/06 |
04/08/2006 |
Filing of
Annual Information Return to be filed by Mutual Funds |
This is with reference to the Annual Return required
to be filed by Mutual Fund u/s 285 Bain the Income Tax Act under
which the trustees of Mutual Funds or such other person managing the
affairs of the Mutual Funds as may be duly Authorised by the
trustees in this behalf have to report specified financial
transaction in electronic media to Income Tax department giving PAN
of the transacting parties as An |
Sec.11(1) of SEBI Act, 1922. |
|
IVD/IDI/PKN/JJ/06 |
08/08/2006 |
|
Informal Guidance in respect of restricted grey list
in terms of clause 4.3 of Schedule I under Regulation 12(1) Part (B)
& Code of Conduct whether it is permissible for
directors/officers/designated employees to invest in securities with
a view to trade. |
Sec.11(1) of SEBI Act, 1922. |
|
IMD/CIR NO.9/74364/06 |
14/08/2006 |
Capital
Protection Oriented scheme and Revision in Fees |
The proposed portfolio structure indicated in the
offer document & KIM must be rated by a SEBI registered credit
rating agency from the viewpoint of assessing the degree of
certainty for achieving the objective of capital protection |
Sec. 11(1) of SEBI
Act, 1922.
Regulation 77 of SEBI Mutual Fund, 1996.
|
|
IMD/FII&C/23/2006 |
15/09/2006 |
FII investments
in Upper Tier II Instruments |
The individual limit for investment in upper tier II
instrument will be advised to the 100% debt FIIs / Sub accounts
separately |
|
|
DNPD/CIR 31/2006 |
22/09/2006 |
Procedure for
re-introduction of derivatives contracts and modified position
limits |
Circular deals with the procedure for introduction,
dropping & re-introduction of derivative contracts, market wide
position limits for stock based derivative & position limit for
index derivative were reviewed by the secondary market advisory
committee. |
|
|
MRD/DOP/DEP/SE/CIR-13/06 |
26/09/2006 |
Mandatory
requirement of Permanent Account Number (PAN) - Issues and
clarifications |
Market
participants have made Suggestion on various issues of SEBI,
includes-
Exemption from the
requirement of verification with the original PAN Card in respect of
the institutional client.
Exemption for the
Joint account holder from the mandatory requirement of PAN.
Extending in Present Dead Line.
|
|
|
IMD/CIR NO. 10/77780/06 |
28/09/2006 |
Standing
Committee - Computerised Trading System
Uniform cut-off timings for applicability of Net Asset Value (NAV)
of Mutual Fund scheme(s)/plans
|
This Circular provide guidelines regarding
definition, applicability, fixation of uniform cutoff timings,
cut-off timing for liquid fund scheme plans. Etc |
SEBI/IMD/CIR No.8/
5611/04 dt. 19th Mar. 2004
SEBI/IMD/CIR No.9/ 6016/04 dt. 25th Mar. 2004.
|
|
MIRSD/DR 1/FC/CIR-15/2006 |
29/09/2006 |
Payment of fees
by Stock Brokers |
This regulation deals with fees payment in respect of
off market transactions entered in to by Stock Broker & which aare
reported to by that Stock Exchange. |
Notification No. S.O.1600(E), dt. 25th Sept.2006.
Sche. III A, Sche. 04 |
|
IMD/CIR NO.11/78450/06 |
11/10/2006 |
Uniform cut-off
timings for applicability of Net Asset Value (NAV) of Mutual Fund
scheme(s)/plan(s) |
This Circular
provide guidelines regarding Uniform cut-off timings for
applicability of Net Asset Value (NAV) of Mutual Fund scheme(s)/plan(s) |
IMD/CIR NO. 10/77780/06 |
|
DOF/VCF/CIR NO. 1/78911/2006 |
18/10/2006 |
Common Key Personnel between Mutual
Funds and Venture Capital Funds |
No key Perssonel of a mutual fund shall be on the
board of Asset Management Company/ Investment Manager/ Investment
Committee of a Venture Capital Fund |
|
|
MRD/DOP/DEP/SE/CIR-17/06 |
27/10/2006 |
Mandatory
requirement of Permanent Account Number (PAN) - Issues and
clarifications III |
NRIs/ PIOs who have already opened BO Accounts or
Trading Accounts without PAN shall required to comply with the
mandatory requirement of PAN on or before 31.12.2006, failing which
such Accounts shall be made inoperable by the depository/
departmental Participant/ Broker. |
MRD/DOP/DEP/SE CIR
17/06
MRD/DOP/DEP/SE CIR
13/06
|
|
IMD/CIR/12/80083/2006 |
20/11/2006 |
Dispatch of account statement |
Mutual Fund Account Statement is sent to unit holder.
The Account statement may be generated & issued along with Portfolio
Statement or Annual Report. |
MFD/CIR No.9/ 120/2000 dt. 24th Nov, 2000 |
|
SEBI/CFD/DCR/01/2006 |
11/12/2006 |
Interpretative Circular under Regulation 5 of The
Securities And Exchange Board of India (Substantial Acquisition of
Shares and Takeovers) Regulations, 1997 |
This Circular deals with transfer of shares from
Venture Capital Fund or a foreign Venture Capital Investor to the
Venture Capital undertaking or its promoter |
|
|
MRD/DEP/CIR-20/06 |
11/12/2006 |
Dissemination of Tariff / Charge Structure of
Depository Participants |
This Circular deals with Dissemination of Tariff /
Charge Structure of Depository Participants |
|
|
IMD/FII&C/23/2006 |
14/12/2006 |
FII investments
in Debt Securities |
The limits of USD 2 billion and USD 1.5 billion will
be allocated among the 100% debt and general 70:30 FIIs/Sub Accounts
The 70:30 FIIs/ Sub Accounts are free to invest till the total
investment limit reaches USD 540 million and USD 450 million in
Government securities and Corporate Debt, respectively. |
IMD/FII/20/2006
dated April 05, 2006
IMD/ FII&C/23/2006 dated September 15, 2006
|
|
IMD/CIR
No.13/83589/07
|
4/01/2007 |
Investment in
ADRs/GDRs/Foreign Securities and overseas ETFs by Mutual Funds |
mutual funds can invest in ADRs/GDRs/Foreign
Securities within overall limit of US$3 bn. This will be a with a
sub-ceiling for individual mutual funds which should not exceed 10%
of the net assets managed by them as on March 31 of each relevant
year and subject to a maximum of US $150 mn. per mutual fund. |
IMD/CIR No.7/73202/06 dated August 2, 2006 |
|
IMD/CIR No.14 /84243/07 |
15/01/2007 |
Gazette notifications |
F. No. SEBI/LAD/DOP/82534/2006
& F. No. SEBI/LAD/DOP/ 83065 / 2006 these two Gazette notifications
related to gold valuation & format for submitting the bio-data of
directors AMC & trustees to SEBI are enclosed. |
|
|
MRD/DoP/SE/Cir-01/07 |
18/01/2007 |
Establishment
of Connectivity with both NSDL and CDSL - Companies eligible for
shifting from Trade for Trade Segment (TFTS) to Rolling Segment |
At least 50% of non-promoter holdings as per clause
35 of Listing Agreement are in dematerialised mode before shifting
the trading in the securities of the company from TFTS to Rolling
settlement. For this purpose, the listed companies shall obtain a
certificate from its Registrar and Transfer Agent (RTA) and submit
the same to the stock exchange/s. However, if an issuer-company does
not have a separate RTA, it may obtain a certificate in this regard
from a practicing company Secretary/Chartered Accountant and submit
the same to the stock exchange/s. |
|
|
IMD/FII & C/ 25 /2007 |
19/01/2007 |
FII investments
in Debt Securities |
Debt investment
limit is extended from US $ 2 billion to US $ 2.60 billion The
incremental limit of US $ 0.6 billion is being added
to the existing headroom of US $55 million available for investment
by 100% debt FIIs in Government Securities/ T-Bills.
|
IMD/FII/20/2006 dated April 05, 2006 |
|
MIRSD/DPS III//Cir-01/07 |
22/01/2007 |
Exclusive e-mail ID for redressel of Investor
Complaints |
SEBI has
designated an exclusive e-mail ID of the grievance redressel
division / compliance officer in which the investors would be able
to register their complaints and also take necessary follow-up
actions as necessary. |
|
|
MRD/DoP/Cir-2/07 |
13/02/2007 |
Establishment
of Connectivity with both NSDL and CDSL - Companies eligible for
shifting from Trade for Trade Segment (TFTS) to Rolling Segment |
At least 50% of non-promoter holdings as per clause
35 of Listing Agreement are in dematerialized mode before shifting
the trading in the securities of the company from TFTS to Rolling
settlement. For this purpose, the listed companies shall obtain a
certificate from its Registrar and Transfer Agent (RTA) and submit
the same to the stock exchange/s. However, if an issuer-company does
not have a separate RTA, it may obtain a certificate in this regard
from a practicing company Secretary/Chartered Accountant and submit
the same to the stock exchange/s. |
|
|
IMD/FII & C/26/2007 |
13/02/2007 |
SEBI (Foreign
Institutional Investors) (Amendment) Regulations 2007 |
SEBI Regulation 2007 related to FII is amended and
copy of Gazette Notification is given with this Circular.
|
SEBI/LAD/DOP/1446/2007 dated January 8, 2007 |
|
MRD/Dep/Cir-03/2007 |
13/02/2007 |
Safeguards to
address the concerns of the investors on transfer of securities in
dematerialized mode |
On the basis of
recommendations of the SMAC & in consultation with the depositories,
Safeguards to address the concerns of the investors on transfer of
securities in dematerialized mode are given in this Circular
|
Sec.11(1) of
SEBI Act, 1922. |
|
IMD/CIR No. 15/87045/2007 |
22/02/2007 |
Additional
Reporting along with Monthly Cumulative Report - MCR |
Commencing with
the MCR for the Month of February ’07 an additional report on the
overseas investment by Mutual Funds in ADRs/GDRs, foreign securities
and overseas Exchange Traded Funds (ETFs) shall also be provided |
MF/CIR/07/404/2000 dated July 31, 2000, circular SEBI/IMD/CIR
No.3/2564/2004 dated February 5, 2004 and circular SEBI/IMD/CIR No.
6/72245/06 dated July 20, 2006 |
|
CBM/BOND/1/2007/01/03 |
02/03/2007 |
Corporate Bond
Market - Reporting Platform to also be set up by NSE |
It has now been
decided that the National Stock Exchange of India Limited
(NSE) may also set up and maintain a reporting platform for
corporate
bonds with immediate effect.
|
SEBI/CFD/DIL/
BOND/1/2006/12/12 dated December 12, 2006
|
|
CFD/DIL/LA/1/2007/20/03 |
20/03/2007 |
Amendments to
the Listing Agreement for Debentures |
Modification is
made in clauses 3.3 and 2.14 (1) of the extant Model Listing
Agreement for debenture. |
SEBI/CFD/DIL/CIR-39/2004/11/01
dated November 1,2004 |